South Korean Analyst Predicts 642% Bitcoin Price Growth ‘Ceiling’ in Next 10 Years
A leading South Korean analyst has predicted a 642% “ceiling” for Bitcoin (BTC) price growth in the decade ahead.
Per News1, the forecast came in a report from Kim Yu-min, a researcher at Hanwha Investment & Securities, named “Bitcoin: From Cyberpunk to Wall Street.”
Per News1, Kim’s analysis showed that “the future price of Bitcoin will rise by a minimum of 84% and a maximum of 642%” on current prices in the decade ahead.
The news outlet noted that if BTC prices were to rise by about 642%, Bitcoin would reach “around 616 million won [$460,790]” by 2034.
Kim based the analysis on gold and credit default swaps (CDS)-related data, noting that Bitcoin also provides investors “value storage” and “decentralization.”
The expert noted that Bitcoin is “easier to trade and store than gold.”
“In the modern era, a time when transactions between countries and individuals are increasing fast, [the crypto market] could potentially expand in size to outgrow the gold market.”
And Kim remarked that such assumptions were becoming more probable as politicians discuss the “possibility of using Bitcoin as a national reserve asset.”
Should Bitcoin’s popularity surpass that of gold and become a serious prospect for global central bank reserve funds and investors alike, the token’s “upside potential” could reach 577%, Kim wrote.
Furthermore, Kim said that “investors who hold US Treasury bonds buy CDS to hedge against the risk of the government defaulting and reduce their overall exposure to the US economy.”
Bitcoin and the wider crypto market are nursing sharp losses for the month so far even as global stocks rebound toward record highs https://t.co/6qQ3hByW2D
These transactions, Kim explained, function “similarly to Bitcoin in terms of hedging central
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